RIYADH: At the MIPIM 2026 real estate conference, the King Salman Park Foundation won over $3.8 billion in new private-sector pledges, including a landmark $3 billion fund backed by foreign investors to construct a significant mixed-use district in the center of Riyadh.
According to a press statement, the announcements increase the total pledged investment in the 17.2 square kilometers urban redevelopment project to more than $5.3 billion, divided into five major packages.
The initiative, launched in 2019 as part of Saudi Vision 2030, is meant to be the world’s largest city park, with the goal of increasing green space, improving quality of life, and featuring over 1 million trees and substantial recreational facilities.
The largest of the two packages, Package 5, will see a consortium led by Kolaghassi Development Co. build a residential-driven neighbourhood with a total built-up area of more than 1 million square meters.
It will include roughly 3,700 residential apartments, a K-12 school, 300 hospitality keys, and more than 100,000 square metres of Grade A office space, as well as a diverse range of retail and dining options. Mulkia Investment Co. manages a Saudi-domiciled, Capital Market Authority-regulated fund that has attracted major investors from the Kingdom and around the world to assist the development.
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